NEW YORK, Feb. 11, 2016 /PRNewswire/ -- Affected by the global economic downturn and other factors, the total global consumption of luxury goods rose only by 3.2% year on year to EUR224 billion in 2014, of which luxury apparel accounted for the highest 65%.
In 2014, the total consumption of luxury apparel in China (hereinafter referred to Mainland China) reduced by 4.6% year on year to RMB72.62 billion, mainly because China continued to promote anti-corruption policy and China's economic growth slowed down. It is estimated that the total consumption of luxury apparel in Chinese Mainland will further fall to RMB71.33 billion in 2015. Wristwatches and clothing are the top two segments of luxury apparel in China; they contributed 56.8% to the total sales together in 2014 and will share 54.5% jointly in 2015.
Louis Vuitton, Gucci, Prada, Burberry and Chanel are the world's leading luxury apparel brands. Over the past two years, they have taken measures (such as adjusting the price spread, reducing the number of stores, making a layout for E-commerce) to cope with the global economic downturn and China's diminished spending power.
Prada has 40 exclusive stores in 24 cities in Mainland China in 2015. In July, Prada cut down the prices of clothing, bags and other main products by about 10% in many areas containing China.
Burberry fetches the brand value of USD5.873 billion in 2015 as the sixth-largest global luxury brand. As of the end of September 2015, it had opened 59 stores in China, a decrease of 10 ones from 2014.
Chanel raised the prices of bags, leather goods, clothing and other products in European market by 20%, while lowered the prices of the above commodities in China by 20% in March 2015. In April, Chanel cooperated with the luxury E-commerce firm Net-a-Porter for the first time and announced it would launch an E-commerce website at the end of 2016.
Global and China Luxury Apparel Industry Report, 2015-2018 by ResearchInChina focuses on the following:
Scale and regional structure of Global and Chinese luxury markets, and overseas consumption of Chinese consumers, etc;
Tax policies, size, product structure, regional structure and brand development, etc of China luxury apparel market;
Size of clothing, wristwatch, bag & suitcase, shoes and other apparel market segments and development and layout of various brands in China, etc.;
Research on characteristics, information channel, purchase propensity of Chinese luxury apparel consumers;
Online shopping market size and features of luxury apparel and patterns of netrepreneurs in China;
Operation and development in China of 8 key global luxury companies (including 17 brands);
Forecast of Global and China luxury and China luxury apparel market size in 2015-2018.
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